New York Limited Power of Attorney for Finances

New York Limited Power of Attorney for Finances

Use this simple form, which contains language required by New York law, to give someone you trust authority to act on your behalf. You can use it for any specific, clearly defined task involving your finances.

Do not use this form if you live in a state other than New York or if you want to create a durable power of attorney.

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See below the form for a full product description.

CAUTION TO THE PRINCIPAL: 

Your Power of Attorney is an important document.  As the "principal," you give the person whom you choose (your "agent") authority to spend your money and sell or dispose of your property during your lifetime without telling you. You do not lose your authority to act even though you have given your agent similar authority. 

When your agent exercises this authority, he or she must act according to any instructions you have provided or, where there are no specific instructions, in your best interest.  "Important Information for the Agent" at the end of this document describes your agent's responsibilities.

Your agent can act on your behalf only after signing the Power of Attorney before a notary public.

You can request information from your agent at any time.  If you are revoking a prior Power of Attorney, you should provide written notice of the revocation to your prior agent(s) and to any third parties who may have acted upon it, including the financial institutions where your accounts are located.

You can revoke or terminate your Power of Attorney at any time for any reason as long as you are of sound mind.  If you are no longer of sound mind, a court can remove an agent for acting improperly.

Your agent cannot make health care decisions for you.  You may execute a "Health Care Proxy" to do this.

The law governing Powers of Attorney is contained in the New York General Obligations Law, Article 5, Title 15.  This law is available at a law library, or online through the New York State Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us.

If there is anything about this document that you do not understand, you should ask a lawyer of your own choosing to explain it to you.

Grant of Authority

I, , of , appoint  to act in my place for the purposes of:

I grant my agent full authority to act in any manner both proper and necessary to the exercise of the foregoing powers, and I ratify every act that my agent may lawfully perform in exercising those powers.

Effective Date and Term

This power of attorney takes effect on  and shall continue until terminated in writing or until , whichever comes first.

Reliance by Third Parties

I agree that any third party who receives a copy of this document may act under it. Revocation of the power of attorney is not effective as to a third party until the third party has actual knowledge of the revocation. I agree to indemnify the third party for any claims that arise against the third party because of reliance on this power of attorney.

 

Signed: This _______________ day of _______________, _______________.

State of: _______________ County of: ______________________

 

Signature: ______________________________________, Principal

 

 

STATE OF NEW YORK                                                                  )

                                                                                                           )          ss:

COUNTY OF _________________________________________ )

 

On the _______ day of _______________, 20____, before me, the undersigned, personally appeared ____________________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Notary Public: _____________________________________

 

IMPORTANT INFORMATION FOR THE AGENT:

When you accept the authority granted under this Power of Attorney, a special legal relationship is created between you and the principal.  This relationship imposes on you legal responsibilities that continue until you resign or the Power of Attorney is terminated or revoked.  You must:

(1) act according to any instructions from the principal, or, where there are no instructions, in the principal's best interest;

(2) avoid conflicts that would impair your ability to act in the principal's best interest;

(3) keep the principal's property separate and distinct from any assets you own or control, unless otherwise permitted by law;

(4) keep a record of all receipts, payments, and transactions conducted for the principal; and

(5) disclose your identity as an agent whenever you act for the principal by writing or printing the principal's name and signing your own name as "agent" in either of the following manners: (Principal's Name) by (Your Signature) as Agent, or (your signature) as Agent for (Principal's Name). 

You may not use the principal's assets to benefit yourself or anyone else or make gifts to yourself or anyone else unless the principal has specifically granted you that authority in this document, which is either a Statutory Gifts Rider attached to a Statutory Short Form Power of Attorney or a Non-Statutory Power of Attorney.  If you have that authority, you must act according to any instructions of the principal or, where there are no such instructions, in the principal's best interest.  

You may resign by giving written notice to the principal and to any coagent, successor agent, monitor if one has been named in this document, or the principal's guardian if one has been appointed.  If there is anything about this document or your responsibilities that you do not understand, you should seek legal advice.

Liability of agent:  The meaning of the authority given to you is defined in New York's General Obligations Law, Article 5, Title 15.  If it is found that you have violated the law or acted outside the authority granted to you in the Power of Attorney, you may be liable under the law for your violation.

 

AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:

It is not required that the principal and the agent(s) sign at the same time, nor that multiple agents sign at the same time.

I, , have read the foregoing Power of Attorney.  I am the person identified therein as agent for the principal named therein. 

I acknowledge my legal responsibilities.

Agent(s) sign(s) here:              ==>     ____________________________________

 

 

STATE OF NEW YORK                                                                  )

                                                                                                           )          ss:

COUNTY OF _________________________________________ )

 

On the ________ day of ________________, 20_____, before me, the undersigned, personally appeared _____________________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

Notary Public: _____________________________________

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A power of attorney is a simple, one-page form that gives someone you trust authority to act on your behalf. To complete it, all you need to do is fill in information about you and the person you’re naming as your “attorney-in-fact” or agent. You’ll also spell out the authority you’re granting that person. For example, you could use this limited power of attorney to give authority to:

  • sell your car and sign over the title to the new owner
  • manage specific investments while you’re out of the country
  • sign loan papers for you while you’re in the hospital
  • or any other specific financial task

A power of attorney is a commonly used document, and third parties (the person buying your car, for example) will probably accept it readily. Just in case they’re worried about relying on it, the document contains language (called an indemnification clause) that lets them know they can legally rely on the document.

This New York limited power of attorney contains important text required by New York state law.

Do not use this form if:

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